Take-up in Q3 2022 totalled 354,200 sq m, showing a decrease of 32% quarter-on-quarter and quite a notable increase of 78% year-on-year. This quarter-on-quarter difference was, however, inflated by one significant transaction of 233,700 sq m last quarter. If we excluded this transaction, there would be a slight quarter-on-quarter increase. Besides confidential transactions, net demand was driven mainly by third-party logistics companies, which accounted for 32% of the volume, followed by producers (24%) and distribution (18%).
At the end of Q3 2022, the total space under construction in the Czech Republic reached a high level of 1,159,800 sq m, representing a slight decrease of 11% compared to the previous quarter and a ca. 23% increase compared to the same period last year. Around 27% of this space is situated in the Karlovy Vary region, followed by South Moravia with 13% and the Pilsen region with 12%. During Q3 2022, development works commenced on 361,900 sq m of industrial space. The share of speculative space under construction slightly increased to 34,6% during the quarter. In 2022, the overall new supply is expected to exceed 1.3m sq m, more than any annual volume of newly delivered industrial space ever recorded.